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Prepare all necessary entries on blenims books

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Reference no: EM131712958

Question - On August 16, 2016, Blenim Corp. purchases 6,000 shares of common stock in Mountain Inc. at a market price of $17 per share. In addition, Blenim pays brokerage fees of $2,000. On October 21, 2016, Blenim sells the Mountain stock for $12 per share.

REQUIRED: Prepare all necessary entries on Blenim's books in connection with the investment beginning with the purchase of the common stock on August 16, 2016, and the sale on October 21, 2016.

Reference no: EM131712958

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